Stock futures rose Friday after the S&P 500 posted a four-day rally on the back of U.S. and China’s temporary tariff cuts and encouraging inflation reports. Futures tied to the Dow Jones Industrial Average added 111 points, or 0.3%. S&P 500 futures gained 0.2% along with Nasdaq-100 futures. Stocks have made a strong comeback since U.S. and Chinese officials earlier this week agreed on a 90-day truce in their tariff measures, which eased investors’ fears of escalating global trade tensions and rising risk to the economy. Week to date, the S&P 500 is up 4.5%, and the Dow has gained 2.6%. The Nasdaq Composite has jumped more than 6% this week. Both the S&P 500 and Dow closed higher on Thursday, while the Nasdaq fell slightly. Thursday “was just a continuation of what we’ve seen over the past few days, this sigh of relief in response to the U.S. bringing down tariff rates on China,” said Callie Cox, chief market strategist at Ritholtz Wealth Management. “There’s still this big question about what tariffs could mean for the economy, and right now investors are looking for that center of gravity and assessing the economic damage. But at the moment, it seems like moves are driving markets in the absence of any signals coming out of economic data.” Stocks got a boost Thursday from a soft inflation report, showing that wholesale prices declined 0.5% in April from the prior month. The result follows the release of April’s consumer price index earlier this week, which grew at a 12-month rate of 2.3%, its lowest since February 2021. Even as the temporary agreement between the U.S. and China has lifted sentiment this week, some major U.S. companies are issuing warnings about rising costs and a murky macroeconomic outlook. Walmart said on Thursday that it will likely have to raise prices on some items in late May due to tariffs. “That concern didn’t make its way into markets that was overshadowed by this tech-led sigh of relief from the tariff news that we got Monday, but there is an undercurrent of anxiety,” Cox said of the Walmart warning. “We’re getting these little signs of tariff impact that haven’t really overwhelmed investors’ attention yet, but could could be indicative of cracks forming underneath the surface.” Friday could see an uptick in volatility on Wall Street due to a large amount of options contracts that are set to expire. Goldman Sachs estimated that more than $2.8 trillion of notional options exposure will expire on Friday, the biggest such number on record for a May trading day. Treasury yields moved lower on Friday as investors weighed the state of the U.S. economy after fresh developments in trade negotiations and several economic data points were published throughout the week. The 10-year Treasury yield declined more than 6 basis points to 4.394%, and the 2-year Treasury yield fell more than 3 basis points to 3.936%. Asia-Pacific markets were mixed Friday as investors parsed Japan’s latest gross domestic product figures and awaited a slate of other economic data from the region. Japan’s benchmark Nikkei 225 traded flat to close at 37,753.72 while the Topix added 0.05% to end the trading day at 2,740.45 after Japan’s economy contracted 0.2% quarter-on-quarter for the three months ended March. Economists polled by Reuters had estimated a 0.1% economic contraction from the prior quarter. Australia’s benchmark S&P/ASX 200 added 0.56% to close at 8,343.7. South Korea’s Kospi closed 0.21% higher at 2,626.87 while the small-cap Kosdaq lost 1.11% to close at 725.07. India’s Nifty 50 declined 0.26%. Hong Kong’s Hang Seng index slipped 0.43% while mainland China’s CSI 300 dipped 0.46% to close at 3,889.09. Oil prices were little changed on Friday under increased supply pressure from an OPEC+ output hike and the prospect of an Iranian nuclear deal, yet are heading for a second consecutive weekly gain due to easing U.S.-China trade tensions. Brent crude futures rose just 9 cents, bringing the price to $64.62 a barrel. U.S. West Texas Intermediate crude futures were up just 6 cents at $61.68. Both contracts fell more than 2% in the previous session following a selloff on the prospect of an Iranian nuclear deal. Gold prices slipped more than 1% on Friday and were heading for their worst week in six months, as an overall higher dollar and a temporary U.S.-China trade agreement dented demand for the safe-haven metal among investors. Spot gold was down 0.9% to $3,210.19 an ounce as of 0933 GMT. Bullion has lost more than 3% so far this week and is set for its worst weekly performance since November 2024. U.S. gold futures fell 0.4% to $3,213.60.